Germany's
Federal Statistical Office (Destatis) announced on Tuesday the country’s
consumer price index (CPI) is estimated to rise 0.4 per cent m-o-m in March, the
same pace in February. That would mark the fourth straight monthly gain in the index.
On a y-o-y
basis, Germany’s CPI is forecast to climb 2.2 per cent in March, following a 2.5 per cent surge in the
previous month. That
would represent the weakest annual increase since May 2021
(+2.2 per cent).
Economists had predicted
CPI would soar by 0.6 per cent m-o-m and by 2.2 per cent y-o-y in March.
According to
the report, energy prices plunged by 2.7 per cent y-o-y this month, following
a decline of 2.4 per cent y-o-y in February. In addition, food prices decreased
by 0.7 per cent y-o-y after
a rise of 0.9 per cent y-o-y in the previous month. Meanwhile, the costs of the services climbed by 3.4 per cent y-o-y, hastening from 3.7 per cent y-o-y
in the previous month.
The harmonized
index of consumer prices for Germany (HICP), which is calculated for European
purposes, is estimated to surge by 0.6 per cent m-o-m and by 2.3 per cent y-o-y
(the least since November 2023). Economists had foreseen increases of 0.7 per
cent m-o-m and 2.4 per cent y-o-y for March. In February,
the German HICP soared by 0.6 per cent m-o-m and 2.7 per cent y-o-y.